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Naira Loses Further at Official Market…See Latest Exchange Rate

The Nigerian naira suffered a loss at the official market on Wednesday.

Data from FMDQ securities exchange window, also known as the Investor and Exporters (I&E) window where forex is officially traded showed naira closed at N414.73 per $1.

The local unit performance on Wednesday represents a N0.43 or 0.10 per cent devaluation from N414.30 it exchanged on Tuesday.

However, at the black market in Abuja, dealers exchanged the currency at N565.00 and N568.00 per $1 on Wednesday. This represents a N5.00(N2.00) or 0.90(0.4) per cent devaluation from N570.00 it exchanged on Tuesday.

Naira had touched an intraday high of N404.00 and oscillated to a low of N415.20 before closing at N414.73 per $1 on Wednesday.

At the black market in Abuja dealers exchanged the currency at N565.00 and N568.00 per $1 on Wednesday. This represents a N5.00 (N2.00) or 0.90(0.4) per cent devaluation from N570.00 it exchanged on Tuesday.

“Like I told you days back, the dollar will crash very soon,” a dealer told PREMIUM TIMES.

In Uyo, dealers said the currency exchanged at N578.00 and N580.00 to a dollar due to increased demand they experienced.

“We bought at N570.00 and sold at N572.00 per $1 on Tuesday, but today, we sold at N578.00 and even N580.00 at some point because the demand was much and people were selling as they see deemed fit, ” said a dealer who asked not to be named.

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